20 April 2018 - NW824
Cardo, Dr MJ to ask the Minister of Economic Development
What (a) amount has the Industrial Development Corporation co-invested with the China Construction Bank to finance industrial development and infrastructure projects since signing a cooperation agreement in 2015 and (b) are the relevant details of each project?
The funding relationship between the IDC and China Construction Bank (CCB) is in the form of both co-funding and access to lines of credit. This is included in the cooperation agreement between the two institutions. In the financial year ending 31 March 2016, the IDC raised USD50 million and USD75million in the year ending 31 March 2017, through lines of credit from the China Construction Bank. These were invested in various projects funded by the IDC.
In terms of co-funding, the IDC partnered with the CCB in Nyamezela, a 100% black owned women business. The project was funded by the IDC and CCB to enable the client to deliver on an Eskom contract. The project is expected to create 44 permanent jobs.